Required information [The following information applies to the questions displayed below.] Nicole has been financing Nicole's Getaway Spa (NGS) using equity financing. Currently NGS has authorized 100,000 no- par preferred shares and 200,000 $2 par common shares. Outstanding shares include 43,000 preferred shares and 33,000 common shares. Recently the following transactions have taken place. a. NGS issues 650 preferred shares for $13 a share. b. NGS repurchases 650 common shares for $12 a share. c. On November 12, the board of directors declares a $0.30 cash dividend on each outstanding preferred share. d. The dividend is paid December 20. 3. Show the overall effect of each transaction on the assets, liabilities, and shareholders' equity of the company. (Use + for increase, - for decrease, and NE for no effect.) Balance Sheet Transaction Assets Liabilities Stockholders' Equity a. b. C. d.

Required information [The following information applies to the questions displayed below.] Nicole has been financing Nicole's Getaway Spa (NGS) using equity financing. Currently NGS has authorized 100,000 no- par preferred shares and 200,000 $2 par common shares. Outstanding shares include 43,000 preferred shares and 33,000 common shares. Recently the following transactions have taken place. a. NGS issues 650 preferred shares for $13 a share. b. NGS repurchases 650 common shares for $12 a share. c. On November 12, the board of directors declares a $0.30 cash dividend on each outstanding preferred share. d. The dividend is paid December 20. 3. Show the overall effect of each transaction on the assets, liabilities, and shareholders' equity of the company. (Use + for increase, - for decrease, and NE for no effect.) Balance Sheet Transaction Assets Liabilities Stockholders' Equity a. b. C. d.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1CP: Prepare general journal entries for the following transactions, identifying each transaction by...

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Nicole has been financing Nicole’s Getaway Spa (NGS) using equity financing. Currently NGShas authorized 100,000 no-par preferred shares and 200,000 $2 par common shares. Outstandingshares include 50,000 preferred shares and 40,000 common shares.Recently the following transactions have taken place.a. NGS issues 1,000 preferred shares for $12 a share.b. NGS repurchases 1,000 common shares for $11 a share.c. On November 12, the board of directors declares a $0.10 cash dividend on each outstanding preferred share.d. The dividend is paid December 20.Required:1. Prepare the journal entries needed for each of the transactions.2. If you were a common shareholder concerned about your voting rights, would you preferNicole to issue additional common shares or additional preferred shares? Why?3. Describe the overall effect of each transaction on the assets, liabilities, and shareholders’equity of the company. (Use 1 for increase, 2 for decrease, and NE for no effect.)4. How would each transaction…
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Nicole has been financing Nicole's Getaway Spa (NGS) using equity financing. Currently, NGS has authorized 100,000 $0.30 preferred shares and 200,000 common shares. Outstanding shares Include 50,000 preferred shares and 40,000 common shares. Recently the following transactions have taken place. a. NGS repurchased and cancelled 1,000 common shares for $10 a share. b. NGS Issued 1,000 preferred shares for $12 a share. c. On November 12, the board of directors declared a cash dividend on each outstanding preferred share. d. The dividend was pald December 20. Required: 1. Prepare the Journal entrles needed for each of the transactions. (If no entry Is required for a transaction/event, select "No Journal entry required" In the first account field.) View transaction llst Journal entry worksheet 2 3 4 NGS repurchased and cancelled 1,000 common shares for $10 a share. Note: Enter debits before credits. Event General Journal Debit Credit a. Record entry Clear entry Vlew general Journal 2 If you…
DD
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Kindly help me with general accounting question
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